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Old 04-04-2017, 02:27 PM
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Shilparana Shilparana is offline
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Default Latest India Tax News 4 April 2017

1. CBDT notified the ITR forms for assessment year 2017-18. Column Part-E of the ITR-1 form seeks information on cash deposits made by the assessee between November 9, 2016 and December 30, 2016 if the "aggregate cash deposits" during this period were Rs 2 lakhs or more.

2. New ITR forms released by I. Tax Deptt., effective from 01.04.2017. The Income-tax (Fourth Amendment) Rules, 2017 dated 30.03.2017.

3. Form No. ITR-1 SAHAJ: For Individuals having Income from Salaries, one house property, other sources (Interest etc.) and having total income upto Rs.50 lakhs (1 Page Return).

4. Form No. ITR-2: For Individuals and HUFs not carrying out business or profession under any proprietorship.

5. Form No. ITR-3: For individuals and HUFs having income from a proprietary business or profession.

6. Form No. ITR-4: Sugam: For Presumptive Income from Business & Profession.

7. Form No. ITR-5: For persons other than (i) individual (ii) HUF (iii) company and (iv) person filing Form ITR-

8. Form No. ITR-6: For Companies other than companies claiming exemption under section 11].

9. Form No. ITR-7: For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F).

10. Section 269ST from 1-4-2017 provide that no person shall receive an cash amount of two lakh rupees or more:
A. In aggregate from a person in a day; or
B. In respect of a single transaction; or
C. In respect of transactions relating to one event or occasion from a person.
Otherwise penalty, a sum equal to the amount of such receipt.

11. Under Final GST Bill, Supplies of specified Goods & Services from Unregistered person to Registered person to be taxable under Reverse Charge.

12. Centre issues 8 GST Rules viz. Composition Rules, Valuation Rules, Transition Rules, ITC Rules, Revised Invoice Rules, Revised Payment Rules, Revised Refund Rules and Revised Registration Rules. Visit to download.


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